Steve Jobs, the CEO of Apple, was paid a symbolic $1 salary last year for the 13th year since returning to Apple in 1997. This is despite overseeing the commercialisation of a long list of successful products, which have transformed Apple into a cash cow.
Let’s not feel too bad for 55-year-old Steve Jobs, however. Apple’s filing with the US Securities and Exchange Commission also shows that although Steve Jobs was only paid a salary of $1, he owns 5.5 million Apple shares.
Steve Jobs can easily live off of the dividends of his Apple shares, which have gained about 60 per cent in value during the last fiscal year alone – and continue to rise.
Apple’s shares closed at $333.73, bringing the value of Jobs’ personal holdings to $1.84bn. Steve Jobs is Apple’s largest individual shareholder.
Interestingly, Steve Jobs hasn’t sold any of his Apple shares since rejoining Apple in 1997 (he’d left Apple 12 years previously), and hasn’t been awarded any new equity since 2003.
Additionally, Steve Jobs last year benefited from $248,000 worth of company travel on his personal jet – a $90m Gulfstream V that he received as a bonus in 1999.
Steve Jobs also holds 138 million Walt Disney shares and receives 35 cents per share in stock rewards, or $48m per year.
Meanwhile, Apple’s chief operating officer Timothy Cook received $59.1m in compensation last year, including a $5m bonus for looking after Apple while Steve Jobs was on medical leave in 2009.